28-1-301. TERRITORIAL APPLICATION OF THE UNIFORM COMMERCIAL CODE — PARTIES’ POWER TO CHOOSE APPLICABLE LAW. (a) Except as provided hereafter in this section, when a transaction bears a reasonable relation to this state and also to another state or nation the parties may agree that the law either of this state or of such other state or nation shall govern their rights and duties. Failing such agreement the uniform commercial code applies to transactions bearing an appropriate relation to this state.
(b) Where one (1) of the following provisions of the uniform commercial code specifies the applicable law, that provision governs and a contrary agreement is effective only to the extent permitted by the law, including the conflict of laws rules, so specified:
Rights of creditors against sold goods. Section 28-2-402, Idaho Code.
Applicability of the chapter on leases. Sections 28-12-105 and 28-12-106, Idaho Code.
Applicability of the chapter on bank deposits and collections. Section 28-4-102, Idaho Code.
Governing law in the part on funds transfers. Section 28-4-638, Idaho Code.
Letters of credit. Section 28-5-116, Idaho Code.
Applicability of the chapter on investment securities. Section 28-8-110, Idaho Code.
Law governing perfection, the effect of perfection or nonperfection, the priority of security interests and agricultural liens. Sections 28-9-301 through 28-9-307, Idaho Code.
History:
[(28-1-301) 28-1-105, added 1967, ch. 161, sec. 1-105, p. 351; am. 1991, ch. 135, sec. 2, p. 318; am. 1993, ch. 287, sec. 2, p. 1013; am. 1993, ch. 288, sec. 47, p. 1074; am. 1995, ch. 272, sec. 16, p. 916; am. 1996, ch. 7, sec. 3, p. 19; am. 2001, ch. 208, sec. 3, p. 800; am. and redesig. 2004, ch. 43, sec. 19, p. 149.]